WASHINGTON (dpa-AFX) - After skyrocketing overnight, the price of gold has given back some ground during regular trading on Monday but remains notably higher.
Gold for April is jumping $63.10 or 1.2 percent to $5,311 an ounce after soaring as much as $186.20 or 3.6 percent to a high of $5,434.10 an ounce.
The overnight surge by gold came after the U.S. and Israel launched joint strikes against Iran over the weekend, killing Iranian Supreme Leader Ayatollah Ali Khamenei.
Iran retaliated by launching waves of drones and missiles on countries across the Middle East, including Kuwait, the United Arab Emirates, Bahrain, Saudi Arabia, Oman, and Qatar.
The conflict in the region escalated further today after Israel launched airstrikes on Hezbollah targets in Beirut and other parts of Lebanon following projectile fire from Lebanese territory into northern Israel.
President Donald Trump suggested the conflict with Iran could go on for the next four weeks, raising concerns about a significant widening of hostilities in the region.
The attacks have led to a spike in the price of crude oil, potentially adding to recent concerns about the outlook for inflation.
However, a sharp increase in the value of the U.S. dollar has limited the upside for gold, with the U.S. dollar index shooting up by 1 percent.
In U.S. economic news, the Institute for Supply Management released a report showing a slight slowdown in the pace of growth in U.S. manufacturing activity in the month of February.
The ISM said its manufacturing PMI edged down to 52.4 in February after surging to 52.6 in January, but a reading above 50 still indicates growth. Economists had expected the index to dip to 51.8.
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